HomeMy WebLinkAbout0828 the deficiency. Such pa~u~ent ahall be o~aderwithiii thirty (3A)tieys ~Ite~ writtoi~ notice froin the ~Iortgagee
atating the amount ot t~e deficiency~ which notice mey be.given by mail. It nt any tima the 14iortgsgor
sha?1 tender to the Mort~;ee in accorciunce with the provisions ot the note secured hereby, tuU payment
ot the entire indebtedaees represented thereby, the :4lortgagee ss truatee ahuU, i~ oomputing the emount ot
such indebtedneas, credit to the account of the hiortsagor sny credit balance remainin under the provisiona
of {s) of aaid ph a. It chere ahall be a dei~?ult under any of the pro~~isions ot ~is mortgage reeultiag
in a publie e o the premisea covered hereby~ or if the Mortgagee acquires the propetty oth~rwise stter
delault~ Lhe Mortgagee aa truatce ahall spply, at the time of the conimenceruent of such proceedinga or at
the time the property is otherwise acquired, the amoun~ then remeining to credit of Mortgagor undet (s) of
para~raph 2 preceding as n credit on the intereat sccured snd unpaid and the balance to the principal then
remsu~mg unpaid on said note.
4. 8e wlll p~y aD t~~e~, a~eeeea~enb, wutee r~?tes~ and other ~overnmental oe munidPv ~~~b ~
ionpodt~ons. for wLioh provieion bas aot beon made heceinbetore, aad in defsult thereof fbe Mortpgee m~y i~1Y ~
~ams; ~nd thati be wW Pt'omPt~Y delivee the offidal reoeipte theretor to the Mortgpgee.
b. He wIll permit. oommil, or s~lier no waate, imp~irmeat, ar deter[orstion ot eaid property or~qy thereof
aoooept reaeonsbk wear and tear• aad in tLs event ot ths i:ilure ot t6e Mort~or to keep the bu~ld~ on sai~ ~
pcemiees and thoee to bs erect~e~ on edd pnmiees, or impeovementa thereon, Ia good rep~ir the MortB+~ee any?
make weh np~irs v ia its diseretion i! m4Y deem neoeeeary for the Pi'uPer preaervation-there~ and the full amount
ot eao~ aad every aioh p~yment sbaii bs dus and p~yabk th~~r (30) days after deoo~nd, and ehalt be 6ecurad by
tbe t~ea ot tbis amort~ge.
8. Hs will p~y ali ~nd einsul~r ths aits,, uge~ a-nd espeneee~ including reaaonab~ Lwyer'a iees, and oosts
et sbatr~?ct~ of titie. iaaurred or pnid st any time
t~r the Mortg~ee becauee of the failure on the part of the M~~
P~'~P~1? ~ad itil~r to Petform tbe ag~reeanents and ooveaants oi ssid promieeory note snd this mor~e
, and s~id
eosfi, ohar~e~. and ~a~penees eball be imm~ediat~? d~e and p~yabk and ahall be eecured by the lien ot this anort~~a
7. He wiIl oontinnon~jr maintain basard insunaoe, oi sucL type or t~pes ind amounts as Mortgages nu~
trom time to time rsquirs, or the improvements now or hereaiter on esid pnmises and eacsp0 when paymenti
tor all such pnauums ha~ theretotors been mads under ~(a) of paragraFh 2 hereof ~e ~rill pny promp~,~y when
due any premiums therefor. All insuranoe shall be carried in oompaaies approve~ by 14i rt~ee and t6s poli-
oies and renewab tLereoi sball be beld by Mortgagee and bave sttached tbereto loss p~yab~le cGuses ia favor oi
aad in form aoceptabls to the Mo In event oi loee he aill give immedi~te notice by mail to Mortgagee,
~nd M my make gmoi~~ ii not mada promptly by Mortgagor, and each insuranoe oompan~
ooncerned~is~Le~reby~ authori~d and directed to ma1~e payment tor such loes directiy to Mo~~ instead oi
to Mortgagor and Mortgagee joinLl,, and the ineytsnoe prooeeda, ~~RY P~ thereoi m~y be ap~7ied by 111ort-
~agee ~t ita option either to the reductioa oi the mdebtednees hereby sec~u~ed or to t~e res~ors4on ar repair oi
~?e pr+r,~~ a!'~e~i. ~n ~~~ut of far~c~sur~ af Lhis mortg~~ s~r o*a~r t~asfar Qi t~tk to t~~ t~rtge~g~
p~+operty ~n estwgu~ahment oi the indabtednees eecured Lereby, a~l rigL~, title, and intereeL of the Mor~gsgor ~
3n and to aq~ ~urancs policia t~en in foroe ehall pass to tLe pum~~ser or gnwtee.
8. He will not esecute or file of record sny inatsument wluch imposea s restriction upoa the sale or occu- !
paacy oi the property described herein on the basis of rsce~ oolor, or creed. '
9. If the premiaee, or sny part thereof, be condemned under the power oi eminent domsin, or scquired
for a public use, the dsmages awarded, the proceeda for the tsking of, or the conaideration for euch aoquiei-
tion, to the extent of the full amovnt oi the remaining unpaid indebtednees eecured by this mortgage, are
hereby assigned to the Mortgagee, and his hei~8 or eaeigns~ and shall be paid forthwith to said Mo~sgee
or hie aes~'gnee to be applied on account of the Isst matunng installments of such indebtness • provided~ ow-
ever, tLe Mortgagee or his aesignee, may st hia discretion psy direct to the Mortgsgor, his ~eirs or aesigns
aqq part or all of such award; pmvided~ thst if the loan is guarsnteed or ineured, the coneent of the g~usn-
tor or ineurer ia obtsined in advance of eaidpa
yment. •
10. The Mortgsgee msy, at any time ~en 'ding a suit npon this mortga~e apply to the oourt hsving jurisdic-
tion thereof for the appointment of s recPaver, and such court sball fortbwnt~ s~point s receiver of the premises
covered Lereby all end aingulsr~ includin~ all snd singulsr t6e income, pmfita, ~eues~ and revenues from what-
ever source denved,. each and every of v~rhich it be' eapressly underatood ia hereby mortgaged ss if speci&cally
~ • ~ ~w~rene {~arnn~ ~~~n~ ~nnniTlnR ~ Yj1~lII }?P ~II#A~P ~1V
e8L IOlLh aIIa aCeCtiDC~ lii ~l(7 ~6IItITi~ au e ilIIt C.....o..o rr__._~?_
such oourt ss an admitted equitY at?d a mstter of abaolute right to said tiiortgagee~ and without reference to
' the adequacy or inadequscy of the value of the property mortgsged or to the eolvency or ineol~ency of said
~ Mort~agor or the defendants. Such rents, pmfits, income~ ~sauee, and revenuea ehall be applied by such receiver '
~ accord~ng to the lien of thia mortgage and the practice of such court. In the event ot any defsult on the part ~
~ of the biortgagor hereunder, the biortgagor a&rees to psy to the Mortgagee on demand as a reasonable monthlv ;
rental for the premises an amount st least equivalent to one-LweUth (fS:) of theaggregate of the twelve monthlv
inatallmenta psyable in the then current year plus the actual amount of the annuat taxes, ssseasmenta, water ;
mtes, and insurence premiuma for such year not oovered by the aforesaid monthly paymenta. ~
l l. In the event of any breach of thia mortgage or default on the part of.the Mortgagor~ or in the event
that any of said sums of money hetein referred to be not promptly and fully pud according to the tenor hereof, ~
or in the event that each and every tbe stipulationa, agreements, conditions, and covenenta of said note and ~
this mortgsge, are not duly, promptly, and fully performed or if the Mortgsgor be sdjudicated banl:rupt or
made defendant in s bankruptcy or receivershi~ proceedinga; then ia either or any such event~ the said sggre-
gste aum mentioned in ssid nots then rem unpaid, witL interest accrued to thst time, and all money
eecured hereby ahsll become due snd psyab~orthv~r'th. or theresfter~ st the option of ssid 11iortgagee, as
fully snd comp~etely as if all the said aums of money were originally stipulated to be paid on such dsy~ anr-
thing in eaid note or m this mort~age to the contrar~? notwithstanding; and thereupon or thereaiter, et the option
of said Mortgagee, without not~ce or demsnd, swt at Isw or in equity, msv be pro~ecuted as if all monevs
eecured hereby ~?ud matured prior to its inatitution. The Mortgagee msy foreclose this mortgage, as to tbe :
amount eo declered due and psysble~ and the asid premises ahall~e aold to sat~aty aad psy the se~me together ;
with costs expensee~ and allowances. In csee of psrtial forecloeure of this mortgege, the mortgsged premises
ahall be so~d subject to the continuing lien oi this mortga$e for the smount of the debt not then due end unpaid. :
In euch case t~e proviaions of tLis paragi~sph msy agua be svailed oi thereatter from time to time by the ~
~ Mo
lrtgagee. ~~ver of any covenant herein or oi the obligstion eecured hereby sh~il st any time thereatter be ~
~ held to be s waiver of the terma bereof or oi tbe note eecured hereby.
13. The Uen of thie inatrumeat ahall remain in full force snd eftect during sny postponement or extension
of tbe time oi psyment of the indebtednees or any part thereof secured hereby.
14. This mortgage is given to eecure tLe purchaee money, or s part thereoi, of the Isnds herein described
and ie eaecuted and delivered contemporaneously with the deed therefor.
l5. If the Mortgagor defsult in any of the covenanta or agreeraente oontained herein, or in said note, then
the Mortga~ee may.perform the same, and all expenditurea (including reasonsbte attomey's fees) made by the +
Mortgagee in eo dou?g shsll drsw intereat at the rste provided for in the principal indebtedness, und al~sll be
repsy a~ble thirty (30) dsys after demsnd, and, together with intereat and costs accrued thereon, ahell be secured ;
by this mortgage. ~
16. Upon the requeat of t~?e Mortgagee the Mortgagor ahall execute and deliver s supplementsl note or ~
notes for the sum or sums advsnced by the Mortgsgee tor the alterstion, modernizstion, impmvement, msin- ~
teaaace, or repsir of said premieea, for ta~cea or aeeeeement8 agsiuat the ssme and for any other purpoee sutlior- .
ized hereunder. Said note or notes shall be secured hereby on s psrity with snd aa fully ss ii tl~e sdvance ~
evidenoed thereby were iacluded in the note Srst described sbove ' su plemental note or notes ahsll bear t
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